Banking

The UAE is the shimmering and modern jewel of the Middle East, where migrants flock from other nations. Attracted by the generous taxation laws and the spirit of innovation that pervade the business world, many entrepreneurs have made a fortune over the last decade. This trend should continue unhindered by the world-wide economic slow-down. However, businesspeople considering moving to the UAE, should heed the following important tips before jetting off.

Setting Up a Current Account for the UAE

There are several formalities to consider before opening up a current account in the UAE.

Plenty of international banks offer current accounts that are catered to businesses based within the UAE.…

A bank account records and maintains the transactions between an individual and a financial institution. People use bank accounts to store money, whether they need a general place to keep all their financial records or just want to save up money for a special occasion or item. Bank accounts also make budgeting much easier, since your financial transactions remain in one place.

There are many types of bank accounts, the most common bank accounts being:

Checking

Savings

Money Market

Certificate of Deposit

Overdraft Protection

Most people start out by opening a checking and savings account. A checking account, in the simplest terms, stores your money in an active account, allowing you to pay for things, deposit and withdraw money.…

Sure, you have heard the stereotypes all before.Â We hear that men are better drivers than women, or that women have inequality in the workplace, or the athletic performancesÂ between the two.Â Have you ever considered the gender differences when it came to managing money?Â Quite honestly, this is a new topic for me.Â Â A recent study found that while 42% of men were confident in their investment allocations, only 25% of women felt that same confidence.Â Also, while 80% of men have their cash flow in control, only about 63% of women could say the same thing.Â Though coincidentally, the percentages were both high and nearly identical when it came to investing in an employers 401K plan.…

While I am a seasoned finance professional and a seasoned blogger to boot, I still enjoy reading the pesronal finance musings of other bloggers.Â It’s always interested to get a different take on other views and perspectives, and you just might learn something new in the process.Â Though one idea I will never quite grasp is the “set it and forget it” approach to your financial dealings.Â You have these debt reductions junkies that talk about spending less and saving more, and at the same time they want you to automate your finances and just put bill pay on autopilot.Â What if you’re being overcharged?Â What if you are being charged for something that you didn’t even purchase at all?Â Sometimes the best way to save money is to simply pay attention!…

Have you ever really listened to a bank commercial on tv or the radio?Â At the end you will hear them say that they are a member of the Federal Deposit Insurance Corporation or FDIC.Â What does that mean? It means that your funds are ‘backed by the full faith and credit of the United States government.’Â That means if the bank folds, your money will be returned to you by the US government.Â

I am asked almost daily about FDIC from clients.Â They want to make sure that they wont lose a dime of their hard-earned money if anything happens to the bank.Â I tell them they are insured and should be more worried about inflation than FDIC insurance, but that’s another battle.Â

History

The FDIC was established in 1933 by Franklin D RooseveltÂ to create order in the financial industry.Â All hell broke loose in the late 1920’s with the Great Depression and people were losing all their money that was just sitting inÂ bank accounts.Â Clients were withdrawing all of their money, and the banks eventually ran out.Â When a bank runs out of money, they go under.Â At that point, people lost all their money that was held by that bank.Â

FDIC is an insurance on your money.Â If the bank runs out of the green stuff, your money isn’t lost.Â FDIC steps in and writes you a check that the bank couldnt cash.Â Since the FDIC was created, no one has ever lost a penny to a bank failure (now fees are a different story).Â